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Virginia Beach Luxury Homes Market Update for February 2018

Here is my Virginia Beach Luxury Homes Market Update for February 2018! This is the Virginia Beach Luxury Homes Market, by the numbers.

So what is a luxury home in the Virginia Beach market? For these statistics below, Christie’s International Real Estate considers a home in Virginia Beach to be “luxury” if its list price is greater than $750,000.

Current Listings

There are currently 218 luxury listings in Virginia Beach. The vast majority of these are in the northern half of the city, spread among the North End, Great Neck, and Little Neck; there is also a string down the coast from Croatan to Sandbridge.

The average list price of a luxury property in Virginia Beach as of February 13, 2018 is $1,443,000. The most expensive luxury property is currently available for $7,200,000 (click on the picture for more details).

Right now the average market time in the Virginia Beach Luxury Homes Market is 152 days – but the longest is 1,461 days. Ouch!

The newest luxury home to hit the market is 305 Pintail Crescent, a newer home built on Back Bay in Sandbridge.

Pending Homes

There are 29 pending luxury contracts in Virginia Beach. The average pending list price of a luxury property in Virginia Beach is $1,204,000. The most expensive property to go under contract is in Great Neck Point, for $2,495,000. Click on the picture for more details.

The average market time until a property was under contract was 170 days – but one property was listed for almost four years.

More than half of these luxury properties have in-ground pools. Seventeen of them are waterfront with deep water access or sit directly on the ocean. Lastly, these homes are newer: out of all 29, only a third were built before 1988.

Units Sold

Now – how many homes sold in January 2018?

Fifteen luxury homes in Virginia Beach were sold in January 2018. Most of these were concentrated in the northern half of the city in the Great Neck and North End areas.

Fifteen is a big drop compared to the previous month, when 22 luxury homes were sold in Virginia Beach.

How long did it take to sell these homes? The average market time for a home that sold in January was 184 days. The longest market time for a January sale was 1026 days.

Sale Price to List Price Ratio

In January 2018, the average sales price was $1,436,000, or about 95% of asking price. Compare that to December, when the average sales price was $1,350,000, or about 94% of asking price. Here’s a table of the January figures:

Curious About Virginia Beach Luxury Homes? Click below.

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